Japannext PTS continuously invests in the optimization of its technology and infrastructure to ensure the growth and reliability of its service over the entire trade lifecycle. This ensures that Japannext PTS remains on the cutting edge when it comes to trading securities in the Japanese market.
We have partnered with NASDAQ OMX to successfully launch a new NASDAQ OMX powered trading system on September 26, 2011. By shifting to NASDAQ OMX’s extensively proven exchange technology, our members have benefit from significant latency improvements and increase in throughput capacity. This system shift will enable us to offer our customers an advanced, low-latency trading system in line with international standards. High-performance trading technology is a vehicle for growth, and Japannext PTS maintains a prime position to further increase our market share and customer-base.
Other peripheral technologies such as a FIX order entry gateway and various market data feeds were developed internally to ensure high performance and low latency characteristics on par with, if not better than, the best exchanges in the US. Our market participants can rely on us to go to great lengths to ensure the redundancy and reliability of our services.
We offer market data information and accept clients’ orders via emerging industry standard protocols OUCH and ITCH. These protocols open up a fast and extremely efficient way to engage with our market. We also support the industry standard FIX protocol.
Besides underlying technology strength, we also strive to improve the business experience of our clients. Today Japannext PTS is the only PTS operator which offers its services during both day and night. Our daytime and nighttime markets are always steps ahead of primary exchanges due to their competitive tick sizes and that our nighttime market takes advantage of the next day’s referential prices, day limits, and tradable security list. For quality trades, during daytime market hours all eligible participants may place their orders to the daytime's sister market (X-Market) where they will be guaranteed to cross only with certain retail flows.
VWAP crossing times: 08:20, 08:35, 08:48 JST.
X-Market and U-Market are available during daytime market hours.
The main PTS market is split into two sessions, refered to as the Daytime Market and Nighttime Market. For more details please refer to Japannext PTS Trading Rules.
The X-Market is a targeted market which sets its focus on retail clients. It has an additional matching rule which prevents crossing between DLPs (Designated Liquidity Providers). This combined with the qualification procedure for buy and sell sides creates an unique opportunity for DLPs to improve prices. For more details please refer to X-Market Information and X-Market Participation Rules.
The U-Market is another kind of targeted market where supply demand balance is defined by a scientifically crafted price tick. A uniform optimal tick size across the trading universe allows DLPs to maintain dense liquidity at most competitive price levels. For more details please refer to U-Market Information.
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Full market depth information.
All trades on Japannext PTS are cleared through JSCC (Japan Securities Clearing Corporation). The benefits are guaranteed settlement on PTS trades (no counterparty risk) and straight through processing for trade settlement.
All settlement processing is done through JASDEC (Japan Securities Depository Center). Requirements include MIC (Market Identification Code) for JASDEC PSMS (Pre-Settlement Matching System) and reconciliation processing completion.